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2023 Projections

This picture was taken 4 minutes before a noon open house on the first Friday of January (a workday). The property is an average condition 3 bed, 1.5 bath raised ranch in Wilmington listed for $565k.

I watched as over 20 cars lined up in advance and then rushed to enter within the first few minutes. As I made my way to the next open house I found the same thing, and then again and again!

In the 2nd half of 2022 we saw buyers delay their home purchases, in hopes of mortgage rate or price drops. Slowly but surely, we saw sellers lower their prices as demand from buyers tapered.

Entering 2023 we expect demand to be higher than supply, with ultra-competitive markets starting in the spring. Prices will most likely be determined by how much buyers can afford due to mortgage rates. If you are a buyer or seller, we can help create the right strategy to achieve your goals.

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